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TFSAs & RRIFs: What’s the difference between beneficiaries, successor holders and successor annuitants? + MORE Jan 23rd
A MoneySense reader writes:
I’m writing to ask about beneficiaries, successor holders and successor annuitants for TFSAs and RRIFs. What is the difference between these, and how do you choose the right one for each account?
FPAC responds:
When you have a registered account, su.... More »
The best high-interest savings accounts in Canada for 2024 Sep 17th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
Are single seniors unfairly penalized at tax time? Apr 17th
Q. I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually. I keep only about $200 a year out of that for myself. Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although no.... More »
Scotiabank Gold American Express Card review + MORE Jan 14th
The Scotiabank Gold Amex combines some of the best aspects of a travel card with the ability to participate in the Scene+ Rewards Program. For a modest annual fee, you’ll enjoy considerable insurance coverage, some travel perks, and the ability to earn up to 6 Scene+ points per $1 spent.
Who is.... More »
Know your TFSA contribution limit + MORE Dec 19th
For Canadian investors and savers, it’s always some of the best news to come each year: the annual increase in the contribution limit for Tax-Free Savings Accounts (TFSA). And for 2021 the TFSA contribution limit is $6,000.
The actual TFSA yearly limit was set at $5,000 back in 2009 when the i.... More »
Making sense of the markets this week: August 16
– moneysense.ca
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous post, I broke the bad news that Canada will soon have $1 trillion in debt. Of course, we’ll have to pay for that one day. We’ll have to cover the borrowing costs, at least.
Here’s a tweet from Teri Courhene, economist and instructor at University of Toronto, School of Continuing Studies.
I’ve seen it often suggested that we will likely see an increase in the capital gains inclusion rate from 50% to 75%. But tax your principal residence? Will the TFSA accounts also be on the table? Will the tax free savings account become the sort-of-tax-free-savings account? Introducing the ATFSA.
The Almost Tax Free Savings Account.
I have penned previously that I do not think the TFSA is entirely immune to a tax grab over the longer term…
How Many Credit Cards Is Too Many?
– ratesupermarket.ca
The average Canadian has two credit cards. So, if you were to peek into your neighbour’s wallet, it’s likely you would find at least two—in some cases, even more. Consumers are told to build up a credit history through the responsible use of credit cards, but is there a point where you have too many open accounts? It comes down to your personal financial habits and how you use the payment capabilities that cards provide.
Having multiple cards is a good idea
When reviewing your credit report, you’ll see a list of your open accounts and payment history. That includes things like personal loans, student loans, cell phone bills, mortgages, and yes—credit cards. Companies calculate your credit score based on several factors, including your credit utilization ratio, age of credit, payment history, credit mix, and credit inquires.
Here’s how having multiple cards can help your score.
Credit utilization ratio
The credit utilization ratio is the amount of credit you use against how much total credit you have available…
